Chubb debuted new coverage targeting the U.K./Ireland middle market. Beazley unveiled an endorsement meant to help address weather-related low revenue at an event. Allianz has a new service for commercial customers who need a cyber risk assessment in the U.K.
Chubb now has a comprehensive single property and liability package insurance policy targeted to middle-market businesses in the U.K. and Ireland.
The product—named MasterPackage—aims to address the needs of U.K. and Ireland businesses with domestic and/or international operations that have a turnover of $2.9 million to $726.2 million.
MasterPackage also includes new extensions with meaningful limits for risks in areas including data breach and cyber attacks, loss of attraction, and unspecified locations.
There are also benefits in the policy including coverage for property damage, business interruption, terrorism, employers’ liability and public/product liability; added cover for the Chubb B risks such as event cancellation, marine cargo and abduction/extortion; coverage for customer goods as standard; flexibility to tailor terms and conditions as well as limits to address specific client needs.
According to Chubb, the product addresses feedback from its national and regional broker panels who sought out comprehensive, warranty-free cover in a single, easy-to-navigate policy document.
Beazley recently launched Cancellation Plus, a new endorsement that combines event cancellation coverage with protection for reduced ticket sales and concessions if poor weather depresses event revenues.
Specifically, Cancellation Plus allows event organizers to recoup costs for canceled events and also those that go on, despite poor attendance stemming from rainy, cold or hot conditions.
Policies that have the endorsement provide a sublimit to pay out a percentage of projected gross revenues once an agreed trigger and coverage time period is reached. (An example: the event gets hit with half an inch of rain between 2 p.m. and 8 p.m.)
Allianz SE U.K. subsidiary Allianz Insurance plc will start offering commercial customers a free online cyber risk assessment, thanks to its new partnership with cybersecurity consultancy IT Governance Ltd.
Dubbed the Allianz Cyber Risk Assessment tool, the service is designed to help businesses protect themselves against a possible cyber attack. As well, it gives policyholders an online questionnaire based on the U.K. government’s “Cyber Essentials” assessment.
Why this matters: Cyber Essentials establishes minimum standards of network security all organizations should adopt. To get there, the U.K. government offers SMEs grants of up to £5,000 toward implementation costs.
The Cyber Essentials criteria is required for certain government contracts.
Allianz commercial policyholders can complete a free cyber assessment through the online risk management website Risk Director. Once this is complete, they get a tailored cybersecurity improvement report and can apply for the official government Cyber Essentials certification directly with IT Governance.
Sources: Chubb, Beazley, Allianz